NSE: CARRARO · BSE: 544320
CARRARO INDIA LIMITED
Makes drive axles and related drivetrain components, primarily for 4WD tractors in the Indian domestic market and for construction equipment such as Tele Boom Handlers (TBH) and Backhoe Loaders (BHL) in export markets. Domestic revenue grew in FY26 on 4WD tractor axle demand that followed a narrowing of the price gap between 2WD and 4WD tractors after GST changes, while exports rose faster, led by TBH and BHL axle programs. The company is adding electric drivetrain work and has secured new nominations in bull gears for future years. Materials account for 73.3% of revenue, making raw material costs the largest input, followed by employee costs at 7.4% and other operating expenses at 9.5%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Domestic axles for 4WD tractors, Export axles for construction equipment, E-transmission engineering services, Bull gears. Auto component supplier tied to tractor and construction equipment cycles
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 1,808 | 2,255 |
| EBITDA (ex other income) | 171 | 209 |
| margin % | 9.4 | 9.3 |
| Owners' profit | 88 | 131 |
| EPS, as reported (₹) | 15.50 | 22.96 |
| ROE % · ROCE % | 19.2 · 21.6 | 23.1 · 25.8 |
| Debt / equity (x) | 0.38 | 0.25 |
| Cash from operations | 76 | 135 |
| Capex | (52) | (32) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Revenue | 449 | 444 | 493 | 586 | 570 | 607 | 545 |
| Profit before tax | 20 | 32 | 38 | 43 | 37 | 55 | 42 |
| Net profit | 15 | 24 | 29 | 32 | 28 | 42 | 31 |
| EPS (₹) | 2.58 | 4.17 | 5.12 | 5.58 | 4.94 | 7.33 | 5.52 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,66,707 | 38.1 | 3.82 | 14.8 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,34,520 | 56.9 | 9.06 | 33.0 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 84,295 | 119.4 | 8.82 | 30.4 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 62,653 | 52.0 | 8.63 | 28.8 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 57,518 | 45.9 | 9.36 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 52,988 | 76.1 | 8.64 | 46.0 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 40,753 | 67.2 | 2.87 | 15.8 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,042 | 33.0 | 4.68 | 15.7 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.6 | 25.0 | 48 of 119 | 60% |
| P/B | 5.1 | 3.3 | 85 of 117 | 28% |
| ROCE | 23.2 | 12.6 | 20 of 125 | 85% |
| ROE | 23.1 | 11.7 | 9 of 117 | 93% |
| Debt / Equity | 0.3 | 0.3 | 57 of 117 | 52% |
| EBITDA margin | 10.6 | 12.2 | 73 of 118 | 39% |
| Revenue growth | 10.5 | 20.2 | 87 of 113 | 23% |
| Profit growth | 7.8 | 24.4 | 75 of 115 | 35% |
| Market cap | 2871 | 1455 | 46 of 126 | 64% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Carraro India to hold Q2 FY27 earnings call on Nov 6, 2026 | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Board meeting on 6 Nov to approve Q2 and H1 FY27 results | results | low | — | — |
| 7 Oct 2026 · RTA compliance certificate for Q2 FY26 under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 28 Sept 2026 · Carraro India: New Director of Manufacturing Appointed After Superannuation | management changes | medium | — | — |
| 24 Sept 2026 · Carraro India closes trading window from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · 3P India Equity Fund crosses 5% in Carraro India via open market buying | ownership changes | medium | — | — |
| 22 Sept 2026 · 3P India Equity Fund crosses 5% stake in Carraro India via open market | ownership changes | medium | — | — |
| 16 Sept 2026 · Carraro India to meet analysts and investors on 22 Sept 2026 in Mumbai | board shareholder meetings | low | — | — |
| 16 Sept 2026 · Carraro India to attend Anand Rathi investor conference on 21 Sep | board shareholder meetings | low | — | — |
| 11 Sept 2026 · AGM 2026: All 8 Resolutions Passed, Rs 6.75 Dividend Approved | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.